时间： 2018年7月6日（周五）15: 00 – 16: 30
地点： 经管楼 312
主讲人： Xian Sun，约翰斯·霍普金斯大学（Johns Hopkins University）
题目： Family Firm R&D Investments in the 2007-2009 Great Recession
摘要：Investments in research and development (R&D) are essential to advance innovation, long-term value creation, and wealth accumulation. Since family wealth and firm performance are tightly coupled in family firms, how they invest during times of economic distress matters to their wealth accumulation over the generations. In this study, we examined the impact of the 2007 Great Recession on the R&D decisions of publicly-listed family firms in the United States. We compared family and non-family U.S. firms, excluding those in the financial sector, with total assets greater than $1 million for the period from 1992 to 2015. Using behavioral agency model, we hypothesized that among the firms that were not financially constrained during the economic crisis, family firms were more likely than non-family firms to invest in R&D. The results support this hypothesis, lending credence to the notion that family firms undertook more risks when performance is below their aspirations during economic downturns to focus on long-term wealth creation.